Miramax: library controversy
3 August, 2010
The Weinstein brothers still own much of Miramax Films’ library, which includes such successful films as ‘Chicago’, ‘The Crying Game’, and ‘No Country for Old Men’. No one has yet announced how the library will be dealt with by the new owners. Whether the sale will further strain relations between Miramax Films and the Weinstein brothers, or if it will flow smoothly is a subject many are avidly following.
Disney: “We are delighted that we have found a home for the Miramax brand and Miramax’s very highly regarded motion picture library.”
Colony Capital, led by Chairman Tom Barrack, joined Tutor and other investors on July 29 in a $660 million accord to buy Miramax, whose main asset is more than 700 movies that have already been released. No new production is planned. Instead, the new owners intend to seek distribution arrangements for the half of the library that isn’t covered by TV agreements. Many of those agreements expire within three years, giving Tutor and Colony Capital the ability to sign new TV, Internet and other digital agreements,
In May 2000, the Weinstein brothers signed a new seven-year contract extension with Disney, which reportedly boosted the budget level at which they could “greenlight” films, while guaranteeing them a percentage of the profits from Miramax’s film library.